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es A company purchased a tractor at a cost of $31,000 and sold it...

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Accounting

es A company purchased a tractor at a cost of $31,000 and sold it three years later for $16,700. The company recorded depreciation using the straight-line method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. Required: 1. Record the sale. 2. Assume the tractor was sold for $10,900 instead of $16,700. Record the sale.
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A company purchased a tractor at a cost of $31,000 and sold it three years later for $16,700. The company recorded depreciation using the stralght-fine method, a five-year service life, and a $4,000 residual value. Tractors are included in the Equipment account. Required: 1. Record the sale. 2. Assume the tractor was sold for $10,900 instead of $16,700. Record the sale. Note: Enter debits before credits. Note: Enter debits before credits

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